Bitmain is planning a massive layoff before bitcoin halving.

The China-based cryptocurrency mining giant is planning to sack half of the staff before bitcoin halving happens in May this year.

According to the local news reports, Bitmain launched a “personnel optimization plan” in which the company is planning to layoff half of its employees before the bitcoin halvening event scheduled to take place in May this year. Meanwhile, Bitmain is going through a “civil war” as co-founder Wu Jihan removed Mircee Zhan from the company.

 

Bitmain will hold an annual meeting this month.

Bitmain is the world’s largest producer of cryptocurrency mining machines. The company is reported to hold an annual meeting on 17th January and will announce a massive layoff. The Crypto mining company had earlier announced a massive layoff back in December 2018. The founding partner of Primitive crypto called this the first halving of 2020. The reason for this layoff might be the upcoming bitcoin halving event, as it would result in the reduction of rewards earned by half.

 

Co-founders fight for power

In October last year, Bitmain’s co-founder Wu Jihan notified all the company’s employees that the other co-founder and board member Micree Zhan had been removed from the country and no employee shall contact him. Micree Zhan vowed to come back to the company and take legal action against Wu Jihan for removing him from the company without his consent.

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here